What is the cheapest way to send money internationally from Canada?

Wise (formerly TransferWise) is generally the cheapest option, with fees of 0.4–1.5% and mid-market exchange rates. For large transfers ($10,000+), OFX and Knightsbridge FX offer rates as low as 0.2–0.5%. Bank wire transfers are the most expensive at $25–$50 per transfer plus a 2–2.5% FX markup.

How long does an international money transfer take from Canada?

Transfer times vary by method: Wise takes 1–3 business days (sometimes hours), bank wire transfers take 2–5 business days, Western Union/MoneyGram can be instant for cash pickup, and OFX/Knightsbridge take 1–3 business days. Transfers to some countries may take longer due to intermediary banks or compliance checks.

Do I need to report international money transfers to CRA?

Banks automatically report international electronic funds transfers (EFTs) of $10,000 CAD or more to FINTRAC. You do not need to make a separate report. However, if you hold foreign property worth over $100,000 CAD, you must file Form T1135 with your tax return. Sending money abroad is not taxable, but income earned abroad may be.

How to Send Money Internationally from Canada in 2026

Best International Transfer Services Compared

Service	Transfer Fee	FX Markup	$5,000 CAD to USD (Total Cost)	Speed	Best For
Wise	$5–$25	0.4–0.7%	~$45–$60	1–3 days	Best overall
OFX	$0	0.4–1.0%	~$20–$50	1–3 days	Large transfers ($5K+)
Knightsbridge FX	$0	0.3–0.5%	~$15–$25	1–2 days	Very large transfers ($10K+)
Remitly	$0–$4	0.5–2.0%	~$25–$100	Minutes to 3 days	Remittances to developing countries
XE Money Transfer	$0	0.5–1.5%	~$25–$75	1–4 days	Good rates, trusted brand
PayPal (Xoom)	$0–$5	2.5–4.0%	~$125–$200	Minutes to 3 days	Convenience
Western Union	$5–$30	2.0–4.0%	~$105–$230	Minutes (cash pickup)	Cash pickup globally
Bank wire (Big 5)	$25–$50	1.5–2.5%	~$100–$175	2–5 days	Simplicity (already your bank)

Transfer Cost Comparison: $1,000 CAD to Key Destinations

Destination	Wise	OFX	Bank Wire	Western Union
USA (USD)	$7–$12	$5–$10	$100–$130	$15–$40
UK (GBP)	$6–$10	$5–$10	$100–$130	$18–$45
India (INR)	$8–$15	$5–$10	$110–$140	$10–$30
Philippines (PHP)	$8–$15	$5–$10	$110–$140	$8–$25
China (CNY)	$10–$18	$8–$15	$115–$150	$15–$35
Europe (EUR)	$6–$10	$5–$10	$100–$130	$15–$40
Australia (AUD)	$6–$10	$5–$10	$100–$130	$15–$40
Mexico (MXN)	$8–$15	$5–$10	$110–$140	$8–$25

Costs include fees plus FX markup combined. Bank wire assumes $30 fee + 2% FX spread.

How Each Method Works

Method	Setup Time	Transfer Process	Tracking	Limits
Wise	1–2 days (verification)	Online, app, or API	Real-time	Up to $1.5M per transfer
OFX	1–2 days	Online or phone	Email updates	No minimum (but best for $1K+)
Knightsbridge FX	1–2 days	Phone or online	Phone/email	Minimum $1,000
Bank wire	Already set up	Branch or online banking	Limited	Varies ($10K–$100K+ daily)
Western Union	Instant (online or in-store)	Online, app, or agent location	Real-time	$7,499 online, higher in-store
Interac (within Canada)	Instant	Email or phone	Real-time	$3,000–$25,000/day

Bank Wire Transfer Fees

Bank	Outgoing Wire (CAD)	Outgoing Wire (USD)	Incoming Wire	FX Markup
RBC	$30–$50	$25–$45	$15	1.5–2.5%
TD	$30–$80	$25–$45	$17.50	1.5–2.5%
Scotiabank	$30–$50	$25–$45	$15	1.5–2.5%
BMO	$30–$50	$25–$45	$15	1.5–2.5%
CIBC	$30–$80	$25–$45	$15	1.5–2.5%

FINTRAC Reporting Requirements

Threshold	What Happens	Your Action Required
Under $10,000 CAD	No automatic reporting	None
$10,000 CAD or more	Bank reports to FINTRAC automatically	None (bank handles it)
Multiple transfers totaling $10K+	May be reported if deemed related	None
Foreign property over $100,000	Must file T1135 with tax return	You file annually
Foreign income	Must report on tax return	Report worldwide income